RCS - Escher Marwick PLC - Escher Marwick PLC Issuer Announcement

NanosynthAnnouncement

17/07/2023 16:45

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RNS Number : 2709G  Escher Marwick PLC  17 July 2023

Monday, 17 July 2023

Escher Marwick PLC

 

 

Issuer Announcement

Escher Marwick PLC

(Registered in England and Wales under Company Number 10112860) (the "Issuer")

£10,000,000 5% Fixed Rate Secured Notes Due 2023 (ISIN: GB00BFYFCF43)

(the "Series 2018-F1 Notes")

NOTICE OF STANDSTILL ARRANGEMENTS ENTERED INTO WITH APEX AERO LIMITED

On 9 July 2018, the Issuer issued the Series 2018-F1 Notes due 9 July 2023
under its £1,000,000,000 Secured Medium Term Note Programme (the
"Programme"). Truva Services Limited was appointed as trustee (the "Trustee")
in respect of the Series 2018-F1 Notes under a supplemental trust deed
executed on 9 July 2018. The proceeds of the Series 2018-F1 Notes were used to
advance a loan to Apex Aero Limited (the "Borrower") pursuant to the terms of
a loan agreement dated 9 July 2018 (the "Borrower Loan Agreement")

The Borrower was unable to repay the principal amounts due under the Borrower
Loan Agreement when due on 9 July 2023.  As the Issuer relies on payments
from the Borrower to make payments under the Series 2018-F1 Notes, the Issuer
has informed the Trustee that it will not be in a position to pay the
principal on the Series 2018-F1 Notes when due pursuant to the terms and
conditions of the Notes.

On 5 July 2023 the Issuer received a letter from the Borrower requesting a
standstill period during which the Borrower would seek to refinance the
Borrower Loan Agreement and/or propose various restructuring options to the
Issuer. The Issuer has agreed to such standstill request and has entered into
a standstill agreement for a period of 90 days from 13 July 2023.

The Issuer has requested a back to back standstill arrangement with the
Trustee and the Trustee has agreed to such request for a period of 90 days
from 13 July 2023.  The Trustee has reserved its rights against the Issuer.

 

Dated: 17 July 2023.

 

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